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News Summary: ECB cuts eurozone outlook; rate held

The Associated Press

GLOOMY OUTLOOK: The European Central Bank cut its forecast for the troubled eurozone. The economy of 17 countries that use the euro is now expected to shrink 0.6 percent this year. The previous forecast was a 0.5 percent decline.

POSITIVE SIGNS: The bank saw enough improvement ahead not to cut interest rates further, which it kept at a record low 0.5 percent.

GROWTH AHEAD: Bank President Mario Draghi stuck with a forecast for growth beginning at the end of the year. He was also slightly more optimistic about 2014, forecasting 1.1 percent growth, up from 1 percent.